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Many have realised that investing for the future is important to their financial wellbeing. But are you ready to invest? What factors should be taken into consideration before you take the plunge? How do you know if your investment experience will be a successful one, or least improve the likelihood that it will be? What impact will it have on your current finances and can you accommodate the required changes? What will the bank think about your proposal, and more importantly will they back it? How does taxation factor into the equation? The list of questions goes on as there is plenty to consider. This is true if thinking about taking on your first investment but also for subsequent investment decisions.

Knowing the rules of the game before you start is important when it comes to loans and accounting so let your Money Coach at McCarthy Money prepare you for what lies ahead.

While we all appreciate that taxation is essential for the services we rely on and the standard of living available in Australia, most want to ensure that they’re not paying more than their fair share. We also understand that taxation consumes a significant amount of earnings therefore legally accessing a portion of this for the benefit of your family’s financial wellbeing is very attractive. When did you last meet with your accountant other than when it was time to lodge your annual tax return? When was the last time you sat down with your accountant to investigate strategies to minimise your tax contribution?

McCarthy Money’s taxation experts will help you to do this by providing the right advice.

When it comes to affordability, many financial problems stem from cash flow issues within the household or business. Mortgage stress is a good example of this. The overall amount required to pay isn’t necessarily a problem but the timing of the repayment can cause a predicament with other expenses due at the same time. This is even more challenging if your income is unpredictable and irregular. Luckily McCarthy Money have experts in this area and can provide the My Money Coach service to help you overcome and gain control over your household or business’ cash flow matters. Understanding cash flow is particularly important for property investors who can carry a lot of debt and are reliant on rental income and tax concessions for the investment portfolio to remain affordable. Things can get out of control in a relatively short period of time in this type of financial scenario. Not only do they need the rental income and tax concessions but they need them on a regular basis. It’s no good receiving your tax deductions at the end of the financial year when you’ve got bills to pay on a month to month basis. Would it make sense to have both your credit and tax advisers on the same page when it came to managing your financial affairs? It certainly does when it comes to optimising your cash flow.

That’s why McCarthy Money has the advantage of having both services available in the one office. Not only is it more effective for you and your finances but it’s also more efficient for your time.

You got into the investments but how do you get out? Is it important to pay as much attention when selling your investment as when purchasing it? Many people do a huge amount of research when purchasing an investment but don’t do the same when selling it as they don’t think of the implications which should be factored into the equation. The McCarthy Money team know there is plenty to consider. The My Money Coach service is here to help develop strategies and coordinate your exit, as it might not be as simple as you think and you don’t want it costing more than required. Are you planning a family and contemplating maternity leave? Have you been thinking about a change of employment, or even a complete career change? Are you approaching retirement and contemplating the reduction of working hours from full-time to part-time? McCarthy Money would be happy to consult with you in regards to these major decisions and we do this via our My Money Coach service. Changes such as these are sure to impact your life, even if just for a short period of time, so give us the opportunity to work with you and help ensure that your financial position can cope with the change.

Transitioning to a new job or reduced income can be challenging as your financial commitments will likely stay the same. Mapping out the effect and getting your game plan together can be very beneficial as can a regular catch-up with a person Finance/Money Coach for a period of time to help achieve the desired result.

How do you get the most out of your lending arrangements? Have you got the right features on your existing loan products and are you benefiting from them? There is plenty to consider when it comes to your relationship with your lending institution and their wide range of products available. Your personal Money Coach is able to develop your knowledge and skills so you’re able to benefit and this translates into a better banking experience. Loan structures can be complicated and management is not always straight forward. It’s also true that what works for some doesn’t work for others so McCarthy Money spends the time required to see what will be suitable in your financial situation via the My Money Coach service. Many of our clients have different needs from their bank so we factor this into the lending solution.

The coaching supplied allows you to get accustomed to your loan structure, and minimising the on-going maintenance means the management stays simple.